Gold Price Today, 19 July- Gold slips on stronger dollar; support at Rs 59510-59340, resistance at Rs 59960-60220

Gold Price Today, 19 July: Gold slips on stronger dollar; support at Rs 59510-59340, resistance at Rs 59960-60220

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell on Wednesday, while the silver rate was up by 0.07%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,740 per 10 grams, down by Rs 23 or 0.04%. Silver September futures were trading up by Rs 52 at Rs 76,155 per kg on MCX.

Gold prices eased on Wednesday from a 1-1/2-month high touched in the previous session, dragged by a slightly stronger dollar, even as investors bet that recent U.S. economic readings make the case for a pause in the Federal Reserve’s rate-hike stance, according to Reuters. Spot gold fell 0.1% to $1,976.05 per ounce, after hitting its highest since May 24 at $1,984.19 on Tuesday. U.S. gold futures were little changed at $1,980.00.

Gold has support at $1965-1955 while resistance is at $1992-2005. Silver has support at $24.82-24.60, while resistance is at $25.20-25.34. In INR terms gold has support at Rs 59,510, 59,340, while resistance is at Rs 59,960, 60,220. Silver has support at Rs75,550-75,120, while resistance is at Rs76,540–76,920,” Rahul Kalantri added.

Traders eye UK, Euro-zone’s CPI Inflation data

“Spot gold surged sharply higher to close with a significant gain of 1.23% to close at $1978.71. The impetus for the metal rally came largely from European Central Bank Governing Klaus Knot who said that further monetary tightening beyond next week’s meeting is anything but guaranteed as it looks like core inflation has plateaued, “said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

“Gold extended the day’s gain further on dismal U.S. industrial production data (June) that came in at -0.50% Vs the forecast of 0%. U.S. retail sales data (June) were mixed as headline retail sales and ex-auto and gas retail sales figures fell short of expectations, while control group data, which strips out volatile items, topped the forecast. Investors look forward to the UK’s and Euro-zone’s CPI inflation data to be released today to assess the possible stances of these two central banks. Apart from these macroeconomic indicators, the focus will be on the US housing starts (June), too,” Praveen Singh added.